The official Shiba Inu Twitter account wrote that rewards will be available on May 17 and continue every two weeks. The reward cycle looks in the following way: users burn SHIB in exchange for burntSHIB tokens, which entitle their holder to 0.49% of all RYOSHI transactions.
The inspiration to launch the burning portal came from Ethereum co-founder Vitalik Buterin, who burned 90% of his SHIB holdings and sent the remaining 10% to the charity. Buterin received unsolicited tokens from Shiba Inu creators, which was viewed by the crypto community as a PR stunt.
To burn SHIB, holders send it to one of the dead wallets no one can access because the private key is lost forever. This way, tokens are permanently removed from the circulating supply, which makes SHIB deflationary and triggers a price increase. The burning platform was developed by the Shiba Inu community in collaboration with the creators of the ERC-20 token RYOSHI.
Launched on April 23, 2022, the platform burned 20 billion Shiba Inu within the first five days. “Our hope is that with every burn, the wealth of the community grows, but also by rewarding the effort in the long term to make Shiba Inu one of the best digital assets in the history of cryptocurrencies,” the ShibBurn platform reads.
Today, the Shiba Inu account also announced that users can now buy lands for SHIB in Shiberse, the meme coin ecosystem’s own metaverse space.